Lotus Energy calls mandatory offer on Browns Hydro Power

18 July 2016 09:56 am - 0     - {{hitsCtrl.values.hits}}

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Lotus Renewable Energy (Pvt.) Ltd, a renewable energy developer based in Padukka has called for a mandatory offer to purchase the remaining shares of Browns Hydro Power PLC after purchasing a majority stake of it last week. Lotus Renewable Energy Director Menaka Athukorala, in a disclosure to the Colombo Stock Exchange, said that the company will purchase the remaining 30.4 million shares of Browns Hydro Power, or 27.87 percent of the minority shareholding for a consideration of Rs. 7 per share. The Browns Group last week decided to divest its ownership in its power generation arm by selling 67.92 percent of the shareholding, or 74.01 million shares at Rs. 7 per share for a total of Rs. 519 million.

Lotus Renewable Energy, which was incorporated this February, had also acquired shares from minority shareholder during the week, increasing its ownership of Browns Hydro Power to 72.13 percent. Browns Hydro Power consists of 3 mini-hydro power plants with a total power generation capacity of 4.1 Megawatts. The company’s net profits decreased 82 percent year-on-year to Rs. 13.67 million in 2016, due to revenue dropping 11 percent year-on-year to Rs. 167.27 million.

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